From TaxAlmanac, A Free Online Resource
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Overpayment Change of Mind
MIG999 (talk|edits) said:
| 18 June 2007
|
| My client timely filed his 2006 federal tax return. He applied his overpayment of over $3,000 to 2007. Before he made any 2007 estimated tax payments, he realized he would have sufficient withholding to cover his 2007 taxes. Can he file an amended 2006 return and request that the 2006 overpayment now be refunded?
Thanks!
|
Sandysea (talk|edits) said:
| 18 June 2007
|
| Why does he just file a new w-4 with his employer taking the 2006 overpayment as a credit against what his current year withholding will require?
|
MIG999 (talk|edits) said:
| 18 June 2007
|
| Thanks, that is the second alternative and may be what we end up recommending. However, I wanted to explore this question and see if anyone has had experience with this situation. It also gets his money to him more quickly if we can resolve it favorably.
|
Peyton (talk|edits) said:
| 18 June 2007
|
| I believe your client has made an irrevocable decision to apply the overpayment to his estimated tax. No claim for refund will be permitted until the taxpayer files the 2007 return. See Rev Ruling 77-339 citing among other authority IRC ยง6513(d)
|
MIG999 (talk|edits) said:
| 18 June 2007
|
| Thanks, I will look at the revenue ruling.
|
To join in on this discussion, you must first
log in.
